core point
In the best era of aviation equipment development, the main engine chain length plays a leading role. For the first time, the Fifth Plenary Session of the 19th Central Committee proposed to ensure the realization of the goal of the centenary of the army’s founding in 2027. The white paper “China’s National Defense in the New Era” puts forward the strategic requirements of “mobile operations, three-dimensional offense and defense”, “near sea defense, far sea defense”, and “air and space integration, both offense and defense” for the three armed forces of the army, navy, and air force. . my country’s defense expenditure has grown steadily in recent years, and the overall defense expenditure and its proportion to GDP are still significantly lower than those of the United States. There is a gap between the number of military aircraft and the generation. The “14th Five-Year Plan” period will be the best era for the rapid development of aviation equipment, and it is expected that the growth rate of aviation equipment costs will be greater than the growth rate of overall equipment costs. As the core downstream of the aviation equipment industry chain, the main engine plant will play a leading role in the expansion of the industry chain’s prosperity.
The supporting facilities are becoming more and more mature, and the civilians join the army to give full play to the vitality of the market. The aviation industry is the focus of the in-depth development of military-civilian integration. The aviation industry has formed a development pattern of “small core, large collaboration”, and private enterprises have established a full-process supporting relationship of “forging production – parts processing – component assembly” has become the industry development trend. The aviation industry has strengthened the integration of external industries, released non-core manufacturing capabilities in an orderly manner, and has jointly built a number of aviation manufacturing agglomeration platforms with local governments and private enterprises in Chengdu, Shenyang, Xi’an, Nanchang, etc., to achieve socialized supporting centralized management and control. Efficient collaboration. State-owned enterprises, mainly state-owned enterprises in the military industry, play a leading role in the industrial chain, and civilians join the army to give full play to the market vitality, and the supporting guarantee and supply capabilities continue to improve.
Inspirations from the development of Lockheed Martin. Its predecessor was founded in 1912 and started out by manufacturing aircraft. Through several mergers and acquisitions in the past 100 years, it has grown into the world’s largest military manufacturing giant with four major businesses: aviation, aerospace, rotation and mission systems, missiles and fire control. . Under the perfect R&D system, the product models in many fields maintain the world’s leading level, and the procurement and maintenance of core models support the company’s revenue growth beyond the fluctuation of the US military fee cycle. Drawing on the development track of Lockheed Martin, the core assets of domestic military aircraft assembly have been listed one after another, the research and development capabilities of listed entities have been continuously strengthened, and the development process of new models has been accelerated. The high volume of core aircraft models will promote the growth of OEMs’ performance, which is a strong β leading the development of the aviation equipment industry chain; at the same time, it is expected to obtain high-quality institutes and assets injection, and the α of the performance flexibility space under the scale improvement.
Pay attention to the listing platforms of the four major OEMs. The development and final assembly of my country’s military aircraft is led by the Aviation Industry Group. After several rounds of injection and integration of the core assets of the final assembly, the four major listed company platforms of AVIC SAC, AVIC XAC, China Direct and Hongdu Airlines have been formed. As the cradle of my country’s fighter jets, AVIC SAC has developed its advanced fighter jets and carrier-based aircraft, with stable operations and continuously improving profit margins. AVIC XAC focuses on the business of large and medium-sized military and civilian aircraft. In recent years, its operational efficiency has been continuously improved, and its cost control has shown results. Zhongzhi Co., Ltd. is a leading manufacturer of helicopters in my country. The success of Z-20 represents the highest level in the field of helicopters in my country at present, and the installation is expected to increase in volume. Hongdu Aviation joined the missile business of Hongdu Group in 2019, forming a dual main business structure of trainer aircraft and missiles, and its growth is expected.
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